Trump's fortune down $600m on Forbes ranking

US President Donald Trump's net worth has dropped by $600 million, The Hill reports, citing the Forbes list of the 400 richest Americans.

Trump sits at No. 248 on the new list, after coming in last year at No. 156.

His net worth now stands at $3.1 billion.

Forbes blamed Trump's dip in wealth on a variety of factors, including real estate and his presidential bid.

"A tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president," Forbes wrote.

The publication wrote that the core of Trump's fortune is "tied up in a half-dozen buildings in and around midtown Manhattan in New York City, where luxury real estate values have fallen recently."

According to Forbes, it now requires $2 billion to make the list, a nearly 18 percent jump from last year.